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Pfizer Inc. (PFE) 44th Annual J.P. Morgan Healthcare Conference January 12, 2026 12:45 PM EST
Company Participants
Albert Bourla – Chairman of the Board & CEO
Conference Call Participants
Christopher Schott – JPMorgan Chase & Co, Research Division
Presentation
Christopher Schott
JPMorgan Chase & Co, Research Division
Good morning, everybody. I’m Chris Schott from JPMorgan, and it’s my pleasure to be hosting this fireside chat with Albert Bourla, Chairman and CEO of Pfizer. Albert, Happy New Year. Great to be speaking with you again today. I know you want to make some opening remarks, then we’ll jump into the discussion from there. So over to you.
Albert Bourla
Chairman of the Board & CEO
Of course. If you can advance the slide, I wanted to say, first of all, that 2025 was for Pfizer, a good year. We had a good financial performance. We have three consecutive earnings that we beat both revenues and profitability. And we were able to improve margins by taking out $5.6 billion of OpEx between ’24 and ’25. Now I don’t know many companies that they can do $5.6 billion of cost in ’24 and ’25 and have four in ’24 and three in ’25 consecutive quarters that you are beating expectations. I think that’s a testament to the company is good when it comes to execution.
The other thing that was very good in ’25 was that we were able to resolve certain uncertainties that were depressing our multiples. The first one was tariffs, MFN, I think that’s for the entire industry. I think it is pretty much behind us. Of course, we need to be alert that things can change, but I think that has been settled. The second one that was specific for Pfizer was the COVID and the impact that, that can have in our profitability. What if you have a
